Bitcoin (BTCUSD) – Bearish Trend Continues
Referring to the previous analysis, BTCUSD remains in a dominant bearish trend, currently testing a critical support zone at the lower boundary of the double channel pattern.
If the 86K level holds as a support, a potential short-term bullish retracement towards the upper boundary of the double channel at 96.8K may occur. However, failure to sustain above 86K could trigger further downside pressure, with the next key support levels positioned at the Fibonacci retracement level of 74.6K.
In a worst-case scenario, a deeper breakdown could drive BTCUSD towards the major support at
52K, a historically significant demand zone within the long-term market structure.
Traders and investors should closely monitor price action and volume dynamics around these critical levels to anticipate the next potential move.
Previous analysis
If the 86K level holds as a support, a potential short-term bullish retracement towards the upper boundary of the double channel at 96.8K may occur. However, failure to sustain above 86K could trigger further downside pressure, with the next key support levels positioned at the Fibonacci retracement level of 74.6K.
In a worst-case scenario, a deeper breakdown could drive BTCUSD towards the major support at
52K, a historically significant demand zone within the long-term market structure.Traders and investors should closely monitor price action and volume dynamics around these critical levels to anticipate the next potential move.
Previous analysis
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.